NEW YORK, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against STAAR Surgical Company ("STAAR" or the "Company") (NASDAQ: STAA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired STAAR securities between February 26, 2020 through August 10, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/staa.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading and/or failed to disclose that material adverse facts. Specifically the complaint alleges that defendants were overstating and/or mischaracterizing: (1) its sales and growth in China; (2) its marketing spend; (3) its research and development expenses; and that as a result of the foregoing, (4) Defendants' public statements were materially false and misleading at all relevant times.
On August 11, 2020, research firm J Capital published a report that called into question STAAR’s representations with respect to its purported success in the Chinese market, accusing the Company of overstating its sales in China by at least one-third (or $21.6 million). Citing over 75 interviews with former employees, site visits to China and Switzerland, and an extensive review of public documents, the J Capital report asserted that STAAR has reported fake sales revenues by overstating sales and then marking up actual marketing costs to hide “phantom” revenue. On this news, STAAR’s stock price fell $3.17 per share, or 6.16%, to close at $48.25 per share on August 11, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/staa or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in STAAR you have until October 19, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
